Independent Oil and Gas plc (IOG), development and production focused Oil and Gas Company, has announced the submission of a Field Development Plan for the Vulcan Satellites hub development to the UK Oil and Gas Authority (OGA).
The Vulcan Satellites FDP covers the three 100%-owned and operated Southern North Sea gas fields recently officially renamed as Southwark, Nailsworth and Elland. The three Vulcan Satellites fields are to be jointly developed with IOG’s Blythe hub, for which the FDP was submitted in July 2017. Gas from both hubs is planned to be exported via the recommissioned Thames Pipeline which IOG will also own 100%.
IOG has so far announced several contractors for the delivery of the Vulcan Satellites FDP, including Schlumberger, Heerema and ODE, subject to contract. The contractor deferral model continues to be employed by IOG to align all parties to the successful development of the project and to reduce upfront funding requirements. Discussions with rig owners, subsea & pipeline contractors and gas off-takers for the Vulcan Satellites are at an advanced stage.
Mark Routh, CEO and Interim Chairman of IOG commented, “It is one year since we concluded the acquisition of the Vulcan Satellites at a very compelling price. Since then, the IOG team has completed extensive work across the portfolio on the seismic reinterpretation, geophysical modelling, dynamic resevoir modelling, development planning and otimal well design and placement in order to deliver this FDP.”
Mark Routh continues, “The alignment of contractors to deliver both the Vulcan Satellites and Blythe Gas Hubs reflects a new spirit of North Sea collaboration and dovetails with the OGA’s maximising economic recovery initiative. We look forward to updating all stakeholders on further progress towards project final investment decision early in 2018”.